Stock Futures Boosted by Fed Comments, GDP Data

GDP grew at a 5.2% rate in the third quarter, above expectations

Deputy Editor
Nov 29, 2023 at 9:10 AM
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Stock futures are on the rise this morning, with futures on the Dow Jones Industrial Average (DJI) up triple digits as Wall Street looks to extend its November rally. Investors are still unpacking yesterday's dovish commentary from Federal Reserve Governor Christopher Waller, as well as this morning's gross domestic product (GDP) data, which showed the U.S economy growing at a 5.2% annual rate in the third quarter, above the initial estimate of 4.9%. 

Continue reading for more on today's market, including: 

  • How options traders should play December, per Schaeffer's Senior Quantitative Analyst Rocky White.
  • Call traders swarm GameStop stock.
  • Plus, FL's post-earnings pop; Elliott Investment eyes PSX; and GM's buyback plan. 

Futures Nov29

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw over 1.2 million call contracts and 989,577 put contracts traded Tuesday. The single-session equity put/call ratio fell to 0.79 and the 21-day moving average stayed at 0.69.
  2. Foot Locker Inc (NYSE:FL) stock is up 11.2% premarket, after the retailer's upbeat third-quarter results and current-quarter forecast, despite narrowing its 2023 outlook. The company is also entering the Indian market after inking deals with Metro Brands and Nykaa. Since the start of the year, the equity is down 36.9%. 
  3. Phillips 66 (NYSE:PSX) stock is up 6% in electronic trading, after Elliott Investment Management revealed a $1 billion stake in the company. The firm also sees a 75% upside for PSX. The stock is up 13.4% in 2023. 
  4. The shares of General Motors Co (NYSE:GM) are up 9.1% before the bell, after the auto company announced a handful of investor-focused initiatives after a tumultuous year, including boosting its dividend. This pop has GM on track to further remove itself from its Nov. 10 three-year lows and cut into a portion of its 14.1% year-to-date deficit. 
  5. There's more than just inflation data due out this week.

buzznov29

Asian Markets Finish Lower

Asian stocks closed Wednesday lower, as traders digested corporate quarterly results and U.S. Fed president comments.  Hong Kong’s Hang Seng shed 2.1% to lead the region’s losses, while China’s Shanghai Composite erased 0.6% and closed at its lowest level in more than a month. E-commerce giant Pinduoduo (PDD) is in focus, after reporting 94% revenue growth in the third quarter. Elsewhere, Japan’s Nikkei lost 0.3%, while South Korea’s Kospi closed up shop with a marginal 0.08% loss, despite Goldman Sachs labeling the latter as “the highest potential for earnings growth in 2024.”

It’s a different story in Europe, where markets are mostly higher this afternoon. While London’s FTSE 100 sports a fractional loss at last glance, Germany’s DAX and France’s CAC 40 were last seen up 1% and 0.5%, respectively.

 

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